The downward slide of the AUD/USD pair seems poised to continue this week as AUD continues to loose momentum against the US dollar.
Technical Signals indicates that an important support located at 1.0188 may have been breached last Friday night before market closing. Though, some retracement have begun since Monday morning, but these movements be short lived as the week unfolds.
It can be seen from the pair’s MT4 weekly chart that the SMA20 have successfully penetrated a long bearish candlestick, the Parabolic SAR have also indicated a couple of trend reversal formation, the RSI is also moving towards southern territory gradually which all points that the pair may continue its downward slide this week (10-8-12).
But there is much more to be seen from the pair this week with important news events coming from Europe as ECB President Draghi speech scheduled for Tuesday (7.30 GMT), Economic updates coming from the US & Japan on Wednesday, Australia unemployment rate data scheduled for Thursday (01.30 GMT)